We can see that the 50 EMA is about to cross back under the 200 day EMA signaling a death cross. There is also a hidden bearish divergence. Price was rejected at the overhead resistance which was also on low volume. I think the bulls will start to get interested closer to 9400. Price could also be drawn towards the 200 EMA on the daily which sits around 8850. Just an idea, not financial advice
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As expected we broke down, and were able to briefly touch 9500 in the short term before bouncing back up. I will say this however, the daily candle has now formed a bearish engulfing candle. A death cross has formed on the 4hr charts, and the weekly candle has become a bearish shooting star. It's possible things could get pretty ugly
As expected we broke down, and were able to briefly touch 9500 in the short term before bouncing back up. I will say this however, the daily candle has now formed a bearish engulfing candle. A death cross has formed on the 4hr charts, and the weekly candle has become a bearish shooting star. It's possible things could get pretty ugly